Overworked Lloyds chief 'back at work soon'
The chairman of taxpayer-backed Lloyds Banking Group said today he was “very confident” that its chief executive would be “back in harness” before the end of the year after taking unexpected leave of absence because of stress.
It emerged yesterday that Antonio Horta-Osorio, who became Lloyds chief executive in March, is understood to be suffering from fatigue due to overwork and had taken leave following medical advice.
When Mr Horta-Osorio, 47, decided to take time out, he was in the midst of implementing his strategic vision for the bank, which includes overseeing an EU-imposed sale of 632 branches, a revamp of its Halifax brand, and around 15,000 job losses.
Yesterday’s unexpected announcement shocked the markets, with shares in the bank plunging more than 7%.
The Portuguese banker, who missed a parliamentary committee meeting on Tuesday, took leave less than a week before the banking giant is due to reveal its third-quarter results.
Today Lloyds chairman Sir Win Bischoff said at the launch of a charity bike ride in London: “I fully expect him (Mr Horta-Osorio) to be back in harness before the end of the year.
“There can never be any guarantee on anything involving health but I am confident he will be back.”
He said the last few days had been “a little bit tougher than normal”.
Speaking about interim chief executive - and group finance director - Tim Tookey, Mr Bischoff said: "He will hold the fort and the management team is wholly behind him and so is the board."
Referring to what he expected to be Mr Horta-Osorio’s brief period of leave, he said: “This is a short period of time and Antonio will be back and we wish him all the very best for his quick recovery.”
